The 200-week moving average (MA) for Bitcoin has surpassed $40,000 for the first time, according to Blockstream CEO Adam Back. The 200MA has been seen as a price floor for Bitcoin, with the cryptocurrency never closing below this level, except during "Black Thursday" in March 2020. The $71,200 level is now seen as key resistance for Bitcoin bulls, and a weekly close above this level is needed for a bullish trend to resume. The current price for Bitcoin is $68,352, and there is optimism among Polymarket bettors that the cryptocurrency will reach $70,000 in October and hit another all-time high in 2024.
- Content Editor ( u.today )
- 2024-10-20
You Might Never Buy Bitcoin Under $40K if History Is Any Guide